Topic
Insurance
What’s New: In Brief (September 24, 2007)
September 24, 2007 by Canadian UnderwriterAccording to the Canadian Crop Hail Associations hail report, Saskatchewans hail claims have surpassed the other Prairie provinces and are about 10% higher than the provinces 5-year average. Farmers from the communities of Reward, North Battleford, Meota, Cut Knife, Unity,…
Canadian reinsurance branches here to stay
September 21, 2007 by Canadian UnderwriterRepresentatives of the Canadian reinsurance market assured delegates of the A.M. Best Canadian conference that their Canadian branches are here to stay, despite recent changes to the Insurance Companies Act.The changes to Part 13 of the Act re-defined in-Canada risk.…
Bardswick calls for proactive approach to reforms
September 21, 2007 by Canadian UnderwriterDuring the current volatile economic environment the insurance industry needs to be more proactive with property reforms in particular water exposure to avoid political intervention like that seen with recent auto reforms, Kathy Bardswick, president and CEO of Co-Operators Group…
McLarens Canada partners with Demers Zajac Vena Insurance Adjusters Inc.
September 21, 2007 by Canadian UnderwriterMcLarens Canada and Demers Zajac Vena Insurance Adjusters Inc. are pleased to announce the partnership of their respective firms effective September 14, 2007. Demers Zajac Vena Insurance Adjusters Inc. was founded in Montreal in 1987 and under the successful leadership…
RIMS strongly supports TRIREA
September 21, 2007 by Canadian UnderwriterThe Terrorism Risk Insurance Revision and Extension Act (TRIREA) H.R. 2761 was passed on Wednesday afternoon by the U.S. House of Representatives with a vote of 312 to 110 and is strongly supported by the Risk and Insurance Management Society…
Lloyd’s CEO calls for sustainable Canadian results
September 20, 2007 by Canadian UnderwriterThe Canadian insurance industry needs to strive for pricing consistency, Richard Ward, Lloyds CEO, told a crowd at the Risk and Insurance Management Societys conference in Halifax.Ward discussed contract certainty and claims management initiatives that Lloyds has taken to improve…
D&O policies may not cover investigative costs
September 20, 2007 by Canadian UnderwriterCanadian corporations need to be cognizant of the type of investigation costs covered in their Directors and Officers (D&O) liability policies, a report from Aons Canadian Financial Services Group warns. Companies need to consider whether, and to what extent, it…
Elie receives F5 intensity rating
September 20, 2007 by Canadian UnderwriterElie, the tornado that ripped through parts of Manitoba on June 22, has been given a rating of F5 intensity, the highest on the Fujita tornado damage scale, the first officially documented in Canada according to Environment Canada meteorologists. Damage…
97 defendents now allegedly involved in stolen vehicle ring
September 20, 2007 by Canadian UnderwriterA total of 97 defendants are now allegedly involved in the conversion of vehicles related to 49 stolen vehicle claims, after four civil actions were filed by the ICBC against 95 Lower Mainland residents recently, according to a release. “ICBC…
Hub International to acquire Totten Insurance Group
September 19, 2007 by Canadian UnderwriterHub Ontario, a subsidiary of Hub International Limited, entered into a definitive agreement to acquire all of the stock of Totten Insurance Group Inc. (Totten), a Canadian specialty insurance wholesaler that develops niche products and provides solutions for unusual lines…
A.M. Best predicts “prolonged” soft market for Canada
September 19, 2007 by Canadian UnderwriterA prolonged soft market may lie ahead for the Canadian property and casualty insurance market, according to a special report by A.M. Best.There’s no room for complacency as Canadian property/casualty insurers enjoy another solid year, the ratings agency wrote in…
Ian Stuart Smith receives eight-year prison sentence for fraud scheme
September 19, 2007 by Canadian UnderwriterCanadian resident Ian Stuart Smith has been sentenced to more than eight years in prison for his part in a fraud scheme, in which insurance agents for various entities throughout the United States and Canada were induced to purchase millions…